Banking Companies Ordinance, 1962

 

Banking
Companies Ordinance, 1962 (Ord. Lvii Of 1962)

 

Sections—2
and 41

Companies
Act, 1913, Section—86G

Section
2 of the Banking Companies Ordinance is the governing Section for
interpretation of any Section of the said Ordinance. It makes it crystal clear
that unless expressly provided’ in the Ordinance, the provision of the
Ordinance shall be in addition to and not in derogation of the Companies Act,
1913.

Section
86 G of the Companies Act makes specific provision for the removal of a
Director. In view of the provision for, the removal of a Director under the
Companies Act, 1913 and in view of the fact that Section 41 of the Banking
Companies Ordinance, 1962 does not expressly make any provision for removal of
the Director of a Banking Company, Bangladesh Bank cannot be said to have been
invested with any power for removal of the Director of a Bank.

Khondker
Mahtabuddin Ahmed vs. Bangladesh Bank & ors, 14 BLD (HCD) 365.

 

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